Page 28 - Beeks Financial Cloud Group Annual Report 2021

26 Beeks Financial Cloud Group PLC

For the year ended 30 June 2021
Directors’ Report

Directors’

Report

RESULTS AND DIVIDENDS RESEARCH AND DEVELOPMENT INSURANCE FOR DIRECTORS AND
The Group’s audited financial The Group develops cloud OFFICERS
statements for the year ended computing products including public, The Company has purchased and
30 June 2021 are set out on pages private and proximity solutions. maintains appropriate insurance
58 to 93. The Group’s profit for the cover against legal action brought
year after tax amounted to £1.6m. FUTURE DEVELOPMENTS against Directors and officers.
(2020: £0.58m). The Group’s business activities,
together with the factors likely FINANCIAL RISK MANAGEMENT
The Directors will propose, at to affect its future development, OBJECTIVES AND POLICIES
the forthcoming AGM, to amend performance and position are set The Group uses various financial
the dividend policy following a out in the Strategic Report on instruments which include cash,
GOVERNANCE
consultation with shareholders. pages 4 to 23. leases, bank loans and items
No final dividend is expected to such as trade debtors and trade
be paid for the year ended 30 DIRECTORS AND THEIR INTERESTS creditors that arise directly from
June 2021 (2020: 0.35p). An interim The present membership of the its operations. The main purpose
dividend was paid during the year Board is set out on pages 24 and 25 of these financial instruments is
0.20p per share. and the Directors who served during to raise finance for The Group’s
the year are listed on page 39. Details operations. The main risks arising
POST BALANCE SHEET EVENTS of Directors’ interests in The Group’s from The Group’s financial
Beeks headquarters will move from shares are set out below. instruments are credit risk, liquidity
the existing leased office to the risk, exchange rate risk and
nearby Riverside Business Park, Gordon McArthur and his beneficial interest rate risk. The Directors
King’s Inch Road, Braehead, PA4 8YU interests (including those of their review these risks on an ongoing
in early 2022. In September 2021, The immediate families) in the Company’s basis. This policy has remained
Group finalised the purchase of the £0.00125 ordinary share capital unchanged from previous years.
property for £2.1m which was funded are detailed in the substantial Further information on financial risk
out of existing Company cash shareholdings table further below. The management is disclosed in note
balances and a new debt facility beneficial interest of the other directors 15 of The Group accounts.
secured on the property of £1.5m. are detailed in the table below:

2021 2021 2020 2020
Shares Options Shares Options

Mark Cubitt 70,707 - 70,707 -

William Meldrum 23,500 - 23,500 -

Fraser McDonald 44,118 713,369 - 651,667